# Within-Union CA Component Decomposition

| Sample | Dep. Var | Z_1_dev |  | N | Countries | R² |
|---|---|---|---|---|---|---|
| EMU | ca_gdp | -247.269*** | (37.612) | 399 | 18 | 0.328 |
| EMU | trade_balance_gdp | -232.816*** | (38.761) | 384 | 18 | 0.409 |
| EMU | primary_income_gdp | 26.473 | (32.057) | 384 | 18 | -0.238 |
| EMU | secondary_income_gdp | 15.590*** | (5.839) | 384 | 18 | 0.399 |
| EMU | si_gap | -255.009*** | (34.165) | 399 | 18 | 0.481 |
| EMU | non_si_residual | 11.778 | (25.482) | 399 | 18 | 0.451 |
| CFA | ca_gdp | 95.168* | (48.591) | 730 | 14 | -0.010 |
| CFA | trade_balance_gdp | 71.955 | (90.695) | 583 | 12 | 0.460 |
| CFA | primary_income_gdp | -26.535 | (17.182) | 583 | 12 | 0.520 |
| CFA | secondary_income_gdp | 14.072 | (16.778) | 583 | 12 | 0.120 |
| CFA | si_gap | -144.410*** | (39.649) | 712 | 14 | 0.620 |
| CFA | non_si_residual | 124.616*** | (31.419) | 712 | 14 | 0.544 |
| OECD_Float | ca_gdp | -43.745 | (33.261) | 659 | 21 | 0.185 |
| OECD_Float | trade_balance_gdp | -50.587 | (38.172) | 510 | 21 | 0.157 |
| OECD_Float | primary_income_gdp | 12.653 | (30.995) | 510 | 21 | -0.255 |
| OECD_Float | secondary_income_gdp | -0.648 | (6.129) | 510 | 21 | 0.561 |
| OECD_Float | si_gap | -73.149** | (33.093) | 659 | 21 | 0.102 |
| OECD_Float | non_si_residual | 23.430 | (23.492) | 659 | 21 | -0.014 |

*Notes: PanelGLS with country and year FE. Z_dev = within-union cross-sectional demeaning. Controls: fiscal balance, lagged NFA, growth, relative productivity, KAOPEN.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*
